Bitcoin Group SE, a crypto investment company, has signed an agreement to acquire the centuries-old German bank Bankhaus von der Heydt for 14 million euro ($14.75 million) and 150,000 shares.
The purchase price is subject to change depending on developments in the equity of the target company, according to a company release.
The deal is still subject to approval by the German Federal Financial Supervisory Authority (BaFin) and is expected the close in the third quarter of 2023.
Founded in 1754, Bankhaus von der Heydt holds a full banking license. It is also a provider for digital asset custody and tokenization in Germany. Last year, the bank partnered with Fireblocks to provide crypto services to clients.
Crypto exchange Bitmex planned to acquire the bank in January of this year, but the deal fell through in March after the two parties reportedly mutually agreed to call it off. The reasons were unknown, but the deal was also subject to the approval of BaFin.
Bitcoin Group aims to build up a portfolio of companies through acquisitions that meet the requirements of its investors in terms of risk diversification and potential returns, according to its website. It currently owns shares in two companies: Futurum Bank AG, which operates the crypto-trading platform Bitcoin.de, and Sineus Financial Services GmbH, which is a financial services provider supervised by BaFin.
Bitcoin Group close up 1.3% today in Frankfurt.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.